This is why you should switch to paying rent online
Some people are hesitant to pay their rent online. Why do it when they are used to paying in the traditional way? Come to think of it, there are some benefits to paying rent online. Landlords are now offering online payment schemes to tenants, giving them the opportunity to better manage their finances, de-stress and improve their creditworthiness. Take a look at the following advantages:
Build credit through credit reports
Tenants obtain several advantages by improving their creditworthiness. This can allow them to have a lower interest rate for car financing or large purchases, and may even help them buy a house one day. When they pay their monthly rent on time, which is probably their largest recurring payment, it can have a positive effect on their creditworthiness.
However, they do not need to download an app or share their bank account details with another provider. There is a more convenient way. Most landlords provide the opportunity to report your rent payments directly when you pay your rent online. They don’t have to do anything else. This is a simple, safe and effective way to build your credit.
Minimize stress by using automated recurring payments
Online payment schemes make sure tenants pay rent on time, build their credit score and avoid late fees by sending constant reminders via text and email. What’s even better is that most of these systems provide automatic payment options that you can set and forget. Auto Pay allows them to pay on time, every time, and therefore there will never be any late fees.
Maintain an active lifestyle using mobile payment options
When tenants receive their payment reminder via text message while on the go, what should they do? It’s as quick and easy as one click to pay online using a mobile-optimized website or payment app. Most solutions allow anytime, anywhere payments, accommodating tenants wherever they are.
Take advantage of more flexible payment schemes, such as Paypal
Sometimes renters don’t have enough funds in a given month, or they can try to get a free plane ticket, but need more points on their credit card to get the miles. They can benefit from the flexibility that online payment offers. By using their credit card, they can add more points, set up bank withdrawals, or use Paypal.
Reduce the chances of check theft and fraud
Many personal and bank account details are printed on checks, which are easy to reproduce. Online bill pay minimizes the paper trail and the risk of having a check or information on it stolen.
Have easy access to payment history
Among the best and often overlooked benefits of paying online is the visibility and accessibility of your payment history. Tenants can log in whenever they want to see their current bill and payment records in real time. They can get their payment information anytime, anywhere.
Paying your rent using the online bill pay option saves a lot of time and effort, while providing additional benefits like credit reports. If some tenants haven’t tried this payment scheme yet, it’s about time they took advantage of it.